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Because buying or leasing commercial real estate usually carries a
hefty
price tag, looking for the right broker is a serious undertaking. A
business doesn't want to make a wrong choice because the risks
involved
can be quite large. But just how do you go about choosing the right
broker?
There are a couple of mainstays in searching for the right
commercial
broker. First, figure out what your needs are.
"It's important to be focused and figure out what you're
trying to
accomplish," says Bob Rosenberg, president of the Northern
California
chapter of the Certified Commercial Investment Member office of the
Commercial Investment Real Estate Institute.
For instance, if you already own a building and you're looking to
lease
office space, your best bet would be to go with a landlord broker
who
specializes in this type of transaction.
"One of the safest ways is to go with a specialty person. A
person with
specialized training has networks to draw upon for expertise,"
Rosenberg
says.
Once you've figured out which type of broker you need, a good place
to
start looking is through commercial real estate organizations such
as
CIREI, the Society of Industrial and Office Realtors or the
National
Association of Industrial and Office Properties. Then prepare to
network
-- personal referrals are a good bet, too.
Once your initial research is done and you've got a working list of
brokers, the next step is to look at their experience level, track
record and any additional licenses or certifications they may hold.
"Experience is critical," says Greg Wilson, president of
the Piedmont
Triad chapter of NAIOP. "Education gives you the tools, but
it's the
license and the experience that gives you the practice of using
those
tools."
Now that you've narrowed your list to the brokers who meet the
specifics
of what you're looking for, the next step is to conduct personal
interviews. Meeting face-to-face is important in order to get a
feel for
how the broker will respond to your needs. Customer service and a
good
rapport are two essentials in a good broker.
"Expertise and level of service are absolutely crucial,"
says Rosenberg.
He also suggests finding someone who can handle all the pieces of a
commercial transaction.
"A good commercial broker can interface with a broker, a
client and an
attorney," he says. "Look for someone with all those
skills."
According to the fall 2000 issue of Professional Report, published
by
SIOR, there are seven characteristics to look for in a broker:
People skills.
Basic understanding of corporate economics.
Administrative skills.
A strong ethical and legal sense.
Professional appearance and manner.
Deal experience.
The character of a soldier/statesman -- basically, to be aggressive
but
patient.
While some companies may hire an in-house broker to handle their
commercial real estate transactions, for most businesses the best
bet is
to find one individual who specializes in the type of transaction
they're looking for and who will offer undivided attention to the
project.
Or, as Wilson says, "Most folks today are looking for more
than a broker
who just drives them around and shows them five properties. The
broker
has to be involved in the entire process, as well as offering
excellent
customer service."
Copyright(c) American City Business Journals Inc. All rights reserved.
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Copyright @2008 [InsightRealty Group, Inc.]. All rights reserved.
Revised: July 09, 2008
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